Castaways Lagging Behind Dover Shores in 2013
You may or may not have heard, but Orange County home prices are up 24% from a year ago this time. Interestingly, the vast majority of this gain took place within the past six months. Yet NO CASTAWAYS HOME can say it contributed to that increase this year. Why is that?
In 2012 there were nine sales in the Castaways, with an average sales price of $1,985,000. Two sales were over $2 Million, and both were Cape Andover addresses on the bluff. All interior properties traded under $2 Million. That level of trading represents a healthy market. This year, three listings hit the market and NONE OF THEM sold. One was withdrawn from the MLS and two others cancelled their listings. Yet in 2013 there have been ten sales in Dover Shores of over $2 Million, and most of those were non-view properties. By any measure, Dover Shores has been selling rapidly and posting some record sales prices. So why is Dover Shores moving and Castaways not, you ask?
I believe that agents have been properly selling the lifestyle of Dover Shores and emphasizing the larger lot sizes and yards, the variation in floor plans and architectural styles, and the freedom of expression you get with no HOA design rules. Also, there are well over 1,000 homes in the Dover Shores area compared with just 120 in Castaways. But Castaways homeowners know that their neighborhood and homes offer something unique as well–the added security of a 24-hour guard gate, great square footage homes with high volume ceilings and wonderfully functional layouts, and consistently attractive elevations with terrific curb appeal. Not to mention the views from the bluff and access to Bob Henry Park and the bike trail.
So what will it take to get some Castaways sales on the board for 2013 to keep pace with Dover Shores? The short of it comes down to pricing the home correctly, understanding what you are selling and communicating that effectively to prospective buyers, and making each interaction with buyer’s agents a positive one. Our market is changing rapidly toward one of greater equilibrium. Already average Days On Market (DOM) is increasing and interest rates have risen. Selling a home for top dollar will require sound decisions and hard work. This means your choice of real estate broker is more important than ever.
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